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Sent $35,104.11 USD to CoinBase. Never received Bitcoins
51–60 of 515 posts
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#52From their terms of service: > Coinbase does not guarantee the value of bitcoin. You acknowledge that the price or value of bitcoin can change rapidly, decrease, and potentially even fall to zero. You acknowledge that holding bitcoin is high risk. You agree to deliver the agreed upon payment for bitcoin upon confirmation of an order, regardless of changes in bitcoin value. > Coinbase will make reasonable efforts to e…
Fuck their shitty TOS, call the SEC and have them investigate, they need to comply with the law. They are acting as financial services provider and must be in compliance with those laws. The law gives the OP a clear resolution. There's a pretty clear resolution here, give the customer back their money because your business doesn't actually work, or give the customer the coins at the most favorable price.
BTC exchanges aren't regulated in the same way as stock exchanges. Coinbase isn't a BD AFAICT, so they don't have the same type of fiduciary responsibilities. They also aren't registered as a bank or as a NY private bank, so they aren't subject to FDIC or other banking regulations.
They are much closer to ebay than to IB
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#53Brian from Coinbase here. Sorry for the delay on that - definitely not the customer experience we are striving for.
We should have things squared away for you by end of day.
Edit: your bitcoin credit has now been processed. It looks like as we were performing server upgrades last week a handful of jobs didn't run as normal. We should have certainly caught it and responded sooner so that was our fault. My deepest apologies for the delay and trouble on that. We've credited $50 worth of bitcoin to your account for the trouble, as a small way of saying thank you for bearing with us.
Edit2: we'll push through the bitcoin credit at today's price instead of the original buy price (which should be in your favor) since the mistake was on our part. Sorry again for the trouble!
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#54I hate to be that guy, but Coinbase is pretty clear that you'll get your coins _eventually_. If I were doing thousands in transfers, I'd absolutely be using an exchange. They're also a small start up, funding or not. Their support team has always come through and usually eats the cost difference if it was a bump on their end. I'd just wait it out.
Getting your funds 'eventually' is not reasonable nor acceptable for financial deals.
A stock/foreign currency/whatever to-be-settled on 16th december is one item, the same stock to-be-settled on 17th december is a completely different item - it certainly has a different price, and there are a bunch of valid finance situations when you don't need the purchase at all if it's delayed; you just need the money back + compensation for the breach of agreement.
There's a term for when a financial institution is unable to settle deals on the agreed day and needs to postpone - it's called insolvency. Such repeated situations are quite valid reasons to require them to cease operating and liquidate all assets in order to pay out their debts.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#55From their terms of service: > Coinbase does not guarantee the value of bitcoin. You acknowledge that the price or value of bitcoin can change rapidly, decrease, and potentially even fall to zero. You acknowledge that holding bitcoin is high risk. You agree to deliver the agreed upon payment for bitcoin upon confirmation of an order, regardless of changes in bitcoin value. > Coinbase will make reasonable efforts to e…
I guess the value fell to zero. :)
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#56Welcome to counterparty risk, Bitcoin style.
shouldn't it be more like Market Risk ?
Market risk would be the risk of the value of the asset changing (which is also present here). Counterparty risk is the risk of Coinbase not living up to its contractual obligation of delivering the bitcoins in the first place.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#57From their terms of service: > Coinbase does not guarantee the value of bitcoin. You acknowledge that the price or value of bitcoin can change rapidly, decrease, and potentially even fall to zero. You acknowledge that holding bitcoin is high risk. You agree to deliver the agreed upon payment for bitcoin upon confirmation of an order, regardless of changes in bitcoin value. > Coinbase will make reasonable efforts to e…
Fuck their shitty TOS, call the SEC and have them investigate, they need to comply with the law. They are acting as financial services provider and must be in compliance with those laws. The law gives the OP a clear resolution. There's a pretty clear resolution here, give the customer back their money because your business doesn't actually work, or give the customer the coins at the most favorable price.
Which law? I can see something under non delivery of goods paid for but that would just be a civil court matter. If you order a car at your local dealership and then they don't give it to you, that's not something the SEC cares about.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#58HN is really getting overloaded with bitcoin noise the past couple weeks. Honestly this just doesn't feel like the right venue for advice and support about this stuff.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#59> Further avoidance by them will lead me to make a few calls to news stations. Eek. The best case scenario is that you'll get a news blurb on local TV where you're portrayed as a sucker. "Weird online currency thing does weird stuff in the way you'd expect weird online currency thing to do, and look at this greedy rube who got sucked in and lost it all! Film at 11."
That might be a probable scenario, but it's certainly not the best case.
ActualLOL at that correction.
Re: Sent $35,104.11 USD to CoinBase. Never received Bitcoins
#60HN is now a coinbase support forum?
Why would you put that much money into a service that isn't a true bitcoin exchange? Do you realize they're an extra middleman that is likely to add more delays to any transaction?
If you look at reddit.com/r/coinbase you'd know this sort of thing is a common occurrence with coinbase- Why are you surprised this is happening? Seems like they have a history of this sort of thing that should have warned you of the risks you were taking. Why give them your business if they're known to do this type of thing?
If people keep supporting businesses that act in a manner they're not happy with then what is the incentive for anyone to create a better alternative?